Student Debt Effects on Financial Well‐Being: Research and Policy Implications

Elliott, William; Lewis, Melinda

doi:10.1002/9781119158424.ch3

Cited by 16 publications

(29 citation statements)

References 15 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…CSAs have garnered widespread interest from policymakers and the general public (Latimore ; Magdelano ; Robles ), given their potential to improve children's educational, financial, physical, and mental outcomes (e.g., Elliott and Lewis , ; Hamilton and Darity ; Huang et al ; Huang, Sheradden, and Purnell ). However, unevenly distributed impacts driven in part by variations in local contexts and financial services environment could undermine CSAs' potential.…”

Section: Discussionmentioning

confidence: 99%

“…Ample research documents CSAs' potential to generate widespread positive impacts, finding that CSAs or suitable proxies are associated with children's educational achievements including improved math scores and increased likelihood of college enrollment (Azzolini et al ; Elliott and Beverly , ; Elliott, Destin, and Friedline ), and reduced student loan debt (Elliott and Lewis , ; Elliott and Nam ). CSAs or their proxies are also associated with accumulating wealth (Elliott, Lewis, and Johnson ; Friedline, Johnson, and Hughes ; Loya, Garber, and Santos ).…”

mentioning

confidence: 99%

“…There are many similarities between CSAs or CDAs and Baby Bonds, though the policy proposals are not exactly interchangeable. CSAs are discussed in greater detail by Elliott and Lewis (, ). CDAs are described by Sherraden and coworkers (Huang et al ; Sherraden ).…”

mentioning

confidence: 99%

See 2 more Smart Citations

The Financial Services Environment and Schools' Savings Rates in the San Francisco Kindergarten to College Program

Friedline¹,

Dunham²,

O’Brien³

2019

Journal of Consumer Affairs

View full text Add to dashboard Cite

Children's savings accounts (CSAs) have emerged as a promising intervention to improve educational outcomes, curtail rising student loan debt, and promote equality of opportunity. Numerous localized CSA programs have emerged in the last decade, and many are embedded within school systems. This study leverages novel data to investigate participation in one of the oldest and most well‐known CSA programs in the country: the San Francisco Kindergarten to College (K2C) Program in the San Francisco Unified School District. Spatial analysis of 21,617 accounts at 74 elementary schools reveals statistically significant differences in the rates of elementary schools' K2C account participation based on the concentrations of banks, credit unions, and alternative financial service providers—net controls for neighborhood demographics. Unless explicitly addressed, substantial variations in the financial service environment across neighborhoods could undermine participation in school‐based CSA programs for the very children these programs intend to support.

show abstract

Section: Discussionmentioning

confidence: 99%

mentioning

confidence: 99%

See 1 more Smart Citation

The Financial Services Environment and Schools' Savings Rates in the San Francisco Kindergarten to College Program

Friedline¹,

Dunham²,

O’Brien³

2019

Journal of Consumer Affairs

View full text Add to dashboard Cite

show abstract

“…Yet student loan debt is associated with lower net worth, home equity value, and asset accumulation (Elliott & Lewis, ; Zhan, Xiang, & Elliott, ), and these patterns are more pronounced among African Americans than Whites (Addo, Houle, & Simon, ; Houle & Berger, ). It is possible that individuals delay other transitions to adulthood, such as marriage or having children, because of student loan debt.…”

Section: Postcollege Outcomesmentioning

confidence: 99%

The impact of student loans on college access, completion, and returns

2017

View full text Add to dashboard Cite

Nearly half of all first‐time undergraduates take a loan to pay for college, and many students will borrow tens of thousands of dollars by the time they leave. Low‐income students and students of color borrow student loans more often and in larger amounts, yet attend less selective institutions, are more likely to drop out with debt. Among students who complete college, those with larger amounts of debt may struggle to pay back their loans or to invest in a house, family, or future education. Researchers are just beginning to untangle how the availability and use of student loans affects college access, educational attainment, and life after college, yet this topic has important implications for economic inequality and social stratification. In this article, we summarize what is known and what remains to be investigated, about the impact of student loan availability and use on college enrollment, degree completion, and postcollege outcomes.

show abstract

“…The second article by William Elliott and Melinda Lewis () focuses on “Student debt effects on financial wellbeing: research and policy implications”. Student debt has been rising since the mid‐1980s in the United States and the authors conjecture that wealth inequality has become a more pressing problem among young adults than income inequality.…”

mentioning

confidence: 99%

Savings and Wealth Accumulation: Measurement, Influences and Institutions

Claus

2015

Journal of Economic Surveys

View full text Add to dashboard Cite

Abstract. Savings and wealth accumulation are important dimensions of policy and research debates. This special issue comprises a collection of survey articles on topical issues ranging from the effects of access to credit, the rise of Islamic finance and sovereign wealth funds, the measurement of wealth inequality and genuine savings, the distribution of wealth across generations and retirement savings. We tend to not think about savings and wealth accumulation when times are good and incomes are rising. But when income growth stops and rainy days arrive, savings and wealth jump back to the forefront of our minds, as individuals, policy makers and researchers.Developments over the past twenty-five years are a case in point. During the boom years of the 1990s and early 2000s, incomes grew rapidly reflecting sustained high growth rates of economic activity and an unprecedented rise in commodity prices. Furthermore, historically low interest rates in many advanced economies reduced the return on saving and lowered the cost of borrowing, contributing to higher household consumption and indebtedness and low savings rates.3 Savings rates, measured as the difference between income and consumption, have not only been low and indebtedness rising at the household level, but also at the country level, demonstrated by large and sustained current account deficits and rising debt in many advanced economies.When the boom ended with the onset of the global financial crisis in 2007, it became clear that much of the wealth created over the previous two decades was all but on paper and individuals and countries had very few assets to fall back on. Chair Yellen's quote at the beginning of this article is applicable not only to American families but to families and governments around the world. The lack of assets has played an important part in the painfully slow economic recovery post crisis. Consumers have been hesitant

show abstract

Student Debt Effects on Financial Well‐Being: Research and Policy Implications

Cited by 16 publications

References 15 publications

The Financial Services Environment and Schools' Savings Rates in the San Francisco Kindergarten to College Program

The Financial Services Environment and Schools' Savings Rates in the San Francisco Kindergarten to College Program

The impact of student loans on college access, completion, and returns

Savings and Wealth Accumulation: Measurement, Influences and Institutions

Contact Info

Product

Resources

About